The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start airing only on YouTube in the year 2029, representing the newest significant change in the film industry.
The organization behind the Oscars made the announcement on this week, confirming that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for March 15th, has been broadcast for a half a century on ABC. Commencing in 2029, the show will be available live and for free on the digital platform.
It's one more significant restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, in addition to drastic reductions in filming.
"The Academy is an international organization, and this collaboration will allow us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the film community," remarked organization heads in a statement.
Over decades, ratings of the awards show have dropped, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and computers.
In a corresponding announcement, the head of YouTube called the Oscars "among our fundamental pillars of culture" and noted that partnering with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while adhering to the Oscars' celebrated legacy".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This decision coincides with film industry giants confront challenging merger discussions. Both options were considered unfavourable for an business that has seen severe reductions over the past several years.
Like major studios, traditional TV channels have struggled as the audience has increasingly opted for streaming services instead.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that dependence on digital platforms will persist expanding.
